of piper jaffray was on recently and said yahoo! made a decision to push forward as a tech company when marissa mayer came on. we think it's a media company. listen to what he had to say. >> yahoo! made a decision to be a media company. in our -- to be a tech company. in our opinion, they are a media company. i think that's the point where it has been difficult for yahoo!. they need to get back to their core. how would we feel about yahoo! as a standalone if they got back to their core content? we would be excited about that. if not, we wouldn't. emily: the huffington post was bought by aol. for ryan might be -- verizon might be a buyer of yahoo! news core business. what do you think yahoo! becomes? >> they are a website with hundreds of millions of eyeballs that should be run as a media business. -- they need to run it as a media business, determine who is the audience, what kind of content they want. you have to look at it as a media business. i have been associated with yahoo! from the days of the ipo. are we a media company? are

coach getting a nice pop following an upgrade from piper jaffray.ock up more than a percent. and a handful of stocks are hitting new 52-week lows including time warner, qualcomm, and legg mason. >> pay attention, folks, because if you own one of the following mutual funds, things have been very tough for you lately. morning star tracking the fallout for the junk bond rout and highlighting the worst performing funds. coming in dead last is the third avenue focus credit fund that just shut down. let's take a look at some of the others. the catalyst high income fund, the second wornst over 90 days down 11.6%. and the avenue credit strategies investor fund down about 9.5% along with the nuveen symphony credit opportunities down 8%. there are a few classes of these abr, whatever they are, they're all doing poorly. there are also closed in funds that have done well. look at the acp. that's the avenue credit strategies closed in fund, that is down 17% in just 90 days. third avenue is the only fund that has been forced to close aside from a big fund firm el

we've got gene munster with piper jaffray, he has an overweight rating on apple. fortt. we will get to gene and apple in one second. a lot to talk about there. jon fortt, i know you talked to blackberry, spoke with the ceo recently. but device, the priv, however you pronounce it, has gotten pretty good reviews. just because the stock is doing well doesn't mean blackberry is doing well. how do you see it? >> the stock is still down for the year overall. it's down trying to get back to $9. the past quarter has been good for them. the issue is a lot of people misunderstand what john chen's strategy is right now. they're under $5 billion in market cap. this isn't a hardware company the way it was before, but they're just trying to get to 5 million units a year so they can break even on phones. they have a new android strategy which might play out for them in the enter price, but the real core of their strategy is in software and they just bought good technology trying to put together an enterprise ios and iphone story along with the an dried story they already have. j

to columbia, gets an mba, and after getting her degree she winds up at morgan stanley, and then piper jaffray, and then really in the past decade she has been a fidelity. for 13 years or more she has been following these companies. at fidelity she follows retail at apparel and footwear. she is a veteran. betty: clearly she has honed her craft and her skills. how did she come to begin betting on u.s. consumers? isn't it something like 46 of the companies in her portfolio are dependent upon the american consumer? thisat is been a big theme year. that everyooked, part of american expansion has been american consumer rated has not been all one way, previous expansions, where the tide lifts all boats. it has been uneven to say the least. traditional brick-and-mortar retail companies have not fared as well this time around as they have in the past, in the previous recessions. consummate value she has to pick and choose, be very selective. this year, what she did, was she focused by the middle of the year on six companies in partake miller. the top of the list is netflix, which we all know winds up

gene munster is an analyst with piper jaffray. it's great to see you.he margin compression, the cost of one hour delivery or even two or three hour delivery is incredible. so the question i have is how they can possibly make that up in volume, which is so different than the rest of their business. sdmrooits still really thin. to answer your question, they need to get that up to about four deliveries per hour to be break even with the $8 addition, and then obviously they can add on to that. this is going to be a drag and they're investing a ton into this. >> walk us through both market size if they can do that in. i can imagine them doing that in san francisco, new york city, maybe in l.a. you know, anything that's even more expansive than that, i assume, becomes very, very costly. >> it is costly, and, you know, it's -- talk about $10 per order. that is costly. they're putting a lot of effort into this too. they have added -- we track this on a weekly basis the number of cities that have come on. they've added 13 cities to their prime now portfolio in t

for more on what we can expect in the new year for apple, let's bring in gene muenster from piper jaffrayi read your presentation that you gave to the business insider ignition krchgs on predictions for next year. i think we should start with i phones because that is the main driver of the stock and of apple's corporate profits. one 2015 story was that it managed to gain global market share. do you see that potential in 2016? particularly in the u.s., such a saturated market. >> yes. i think they're going to grow slightly in the u.s. if you look at the teen survey we do a couple of times a year it shows the intent to buy from teens from 72% so their next phone will be an iphone to 74%. what that means is you put all the numbers together. as you can see a small maybe 29 basis point. you will see the market share story gaining in 2016, and importantly because of this iphone is a subscription, which is something that doesn't sound very exciting at the surface, but if you dig into it, this could have a measurable multi-year positive bakt on apple. >> how apple as a subscription business will

this is after kind words from piper jaffray raising it price target by 33%. so. $120 perraising it to share which is a 42% rise above its current price. way is navistar which makes commercial trucks and it has plunged by nearly 14%. this is after morgan stanley cut its price target by 1/3. concern is over more deterioration in the fundamentals for the trucking industry. navistar is now at its lowest at $9.94 in 18 years. scarlet: incredible. thank you so much. turning to broader economic concerns, the middle class is long been lauded as the heart and soul of america. >> we got to get back to putting the middle class at the center of our politics. >> the middle class in this country is disappearing. >> the middle class is getting clobbered. scarlet: tons of rhetoric but beneath that lies the stark reality. the middle class is disappearing any new study out shows the group is lost its majority status in the u.s. and is now crowded out by the upper and lower income households. care to explain what this means is our senior economic correspondent brendan greeley.

piper jaffray lowering the stock to $10 from $63.he company now expecting to figure out its path forward and basically figure out what was the difference between this trial and previous studies which looked positive. it has been a rocky road for chimerix. the drcompany gained attention 2014 after becoming used for the compassionate use for 7-year-old josh hardy. in the fall of 2014 the drug was used experimentally for ebola. >>> let's send it over to rick santelli for an update from the cme and the santelli exchange. hi, rick. >> ira harris is the first guest of the week, in between the holidays. when we travel for the holidays, some people take the interstate. we'll talk about inter and intra spread relationships with sovereign debt. when it comes to our rates moving to severely low levels over the last 18 months, relative value trade when bund yields moved under 10 basis points. is there another side of the mountain to that trade, not only with respect to the u.s. but to bunds as the quality comp against the southern economies wher

piper jaffray upgraded the stock yesterday. it's had a nice run in the last month. >> yep, up 11%. a buy rating. $800 price target. it's a dominant player in the secular growth opportunities out there. amazon, the analyst says is a core holding or should be for growth investors and believes it will be a $1300 stock in the next three to four years. >> if you put $1,000 into amazon in 1997, you have $460,000 today. all right. today's. >> narrator: radar name is new relic. newr. if you did not have another acronyms to remember already, america, here's a new one. apm. application process monitoring. yikes. now this is a san francisco-based company. starting coverage with a buy rating. a $50 target. that implies 40% upside. they say they are uniquely positioned to capital viz on the volume of soft war data being generated as well as a huge push loads to be moved, to you guessed it, the cloud. they think revenue growth can stay above 25%. new relic, your under the radar name of the day. >> all right. that's it for "street talk." up next, new details on that threat that shut down the enti

coach is training higher today, because piper jaffray is raising its call to overweight from neutral. of near-term improvement thanks to some new products coming out as well is what it says is a better balance of price points. sinces its most buys october 2013. still, it's share prices down 19% year to date. looking at activist investor dan we will look at what the hedge fund manager is calling for now. do not go away. ♪ david: welcome back to "bloomberg ." the era of the activist investor does not seem to be ending anytime. dan loeb is calling for the removal of the dow chemical ceo days after they combined with dupont, and two activists have targeted yahoo! calling for the replacement of marissa mayer and job cuts. with us is bloomberg news bureau chief jason kelly, and lisa is still with us. it strikes me, these activists are never satisfied. reported $144 million or something in the deal and still is not satisfied. jason: you have situations at tao and yahoo! where the big thing happened and yet the talks are really going on. and very specific, and in the case of dow, sort of

piper jaffray lowering the price target to $10 from $63. the company trying to figure out its path forward. it expects to get the fulda that set early in 2016. trying to figure out what happened in this trial that made it not work out where as earlier studies did turn out more positively. it's an example that really tough time in biotech investing. these phase three trials, when they go another way, it can really be bad news. >> what are analysts say in terms of the hope. that drug had shown pretty decent results up to phase two. it's that period afterwards where there was -- what was it a significantly higher -- significantly higher rate of mortality -- sn. >> that's right. people are trying to parse what was different between phase and phase three. that's why i love melissa, she readsed analyst notes in biotech. there were differences based on when she started treatment and they're trying to figure out, is there a path forward either in this specific incompetent fex or -- >> this is nonstatistically increase in mortality. >> i think any i